Congressman Ron Paul: ‘America is broke’

Member of the U.S. House of Representatives Ron Paul. (AFP Photo / Mladlen Antonov) / AFP

The US “cannot go on much longer” if it continues to spend and consume in the existing way, according to Ron Paul, who made his farewell speech to the Congress earlier on Wednesday, as the 77-year-old will be retiring at the close of this term.

His address wasn’t a summary of his long political career. On the contrary, the congressman from Texas, who is known for his critical views of American policies, this time exceeded all experts’ expectations, by the direct criticism of the existing situation in the United States, as he posed several key questions, which have been in the air for a long time.

In his sharp 52-minute speech Paul lambasted American government, dollar crisis, fiat money, federal debt and borrowing, the power of the Federal Reserve system, politicians and special interests by a limited circle of people, who are behind the country’s authorities.

“The government has grown exponentially, taxes remain excessive as a prolific increase of incomprehensible regulations continues. Wars are constant and pursued without a congressional declaration. Deficits rise to the sky, poverty is ramping and dependency on the federal government is now worse than any time in our history. All this with minimal concerns for the deficits and unfunded liabilities, that common sense tells us: it cannot go on much longer,” said the congressman.

Paul also criticized America for being the world’s biggest consumer. In his opinion, it has already damaged the country.

“The spending continues, as the economy weakens and the downward spiral continues. As the government continues fiddling around, our liberties and our wealth burn in the flames of a foreign policy, that makes us less safe. The major stumbling block to real change in Washington is the total resistance to admitting that the country is broke,” pointed out the republican.

“We can expect the continuous and dangerous march to a corporatism and even fascism with even more loss of our liberties. Prosperity for our large middle class though will become an abstract dream,” he also added.

The congressman said that during his years of being on the political scene, from 1976 to 2012, the government had “accomplished very little.” It is an open secret, that the American foreign debt is the biggest in the world. The country owes more than $16 billion in total and that enormous figure is constantly growing. The enduring politician had a clear word on that too.

“We have ended up with the system, that doesn’t produce enough even to finance the debt and no fundamental understanding of why a free society is crucial to reversing these trends. If this is not recognized, recovery will linger for a long time. Bigger government, more spending, more debt, more poverty for the middle class and in a more intense scramble by the elite special interests will continue,” added the congressman.

The retiring politician also admitted the failure of the country’s chief law.

“Our Constitution, which was intended to limit government power and abuse, has failed. The Founders warned that a free society depends on a virtuous and moral people. The current crisis reflects that their concerns were justified,” Paul said.

The congressman left the podium, offering an answer to all of these problems, saying that people should choose liberty and limit government, and seek change within themselves.

“We need an intellectual awakening. Without an intellectual awakening the turning point will be driven by economic law. A dollar crisis will bring the current under-control system to its knees,” concluded Paul.